Humm Valuation - What is Sensible, page-118

Shorters didn’t smash it - AA and Humm achieved that brilliantly!

Until the real profit and the normalised profit coincide again, no institution is going to touch it or analyst recommend it, so no pressure on the price. I am still modestly confident it can get to that point, but the next year is going to be interesting. The normalised profit does give an idea where the company is heading, but I have also seen too many useless companies where year after year they churn out “one offs” that affect profit, so they need to keep using normalised.